Skilled-Trade Business Owner
We enjoy helping the owners of businesses in skilled-trades that are generating >$1M in annual revenue solve their specific financial problems. Our process includes two scoreboards, business and personal, that can be used in combination or independently depending on what you need.
Next steps:
1) Click the "Add Me" link under the Skilled-Trade Business Owner tab so we can provide additional value via email (we just ask for First Name and Email, no Spam, and you can Unsubscribe whenever you like.) Also connect with me on LinkedIn: Connect on LinkedIn
2) On this page, please review the metrics our clients work to improve, and 10 frequently asked questions and responses.
3) If you would like to schedule a brief phone or video call to chat further, you can schedule at this link: Schedule Intro Discussion This is a low pressure conversation so you can ask whatever questions you may have, and so we can better understand how we can help.
Business Scoreboard:
Personal Scoreboard:
Common Questions:
1. How much money should I take out of my business?
The right amount should support your family, taxes, savings, and business needs without taking too much or too little. This amount can change over time.
2. How much cash should I keep in the business?
You want enough cash to handle slow periods and surprises without keeping more money trapped in the business than you need. The more you are in growth mode, the more you may want to keep on hand. Also, if you tend to have large swings in cash due to seasonality within your business, you may hold more cash. Either way, you can determine if the cash you are holding is generating the appropriate level of interest.
3. My business is profitable, so why don't I feel wealthier?
Profit in your business doesn't automatically become personal wealth, but you can change that.
4. Am I saving enough for retirement?
Your retirement plan should be based on the life you want, not simply on how much you can put into a retirement account.
5. How much of my wealth should be tied up in my business?
Your business may be your biggest asset, but building wealth outside the business can give you more choices and less risk. Typically a higher percentage of your wealth is tied up in an owner's business in the early stages, and potentially if they are in expansion mode (either with their existing business or through an acquisition.)
6. What should I do with the extra cash in my business?
The right answer depends on your business goals, taxes, personal needs, and how soon you may need the money.
7. How do I know if I can afford a big personal purchase?
The key is looking at the purchase alongside your business cash flow, personal finances, and long-term goals. A key short term metric to review is the Working Capital in your business (current and trend), and your assets outside of the business.
8. What happens to my family if something happens to me?
A good plan makes sure your family and business are protected if you become sick, disabled, or die unexpectedly. Many skilled-trade business owners have some, but not all, these areas at least partially addressed. The key is to determine if there are gaps and how to close the gap.
9. How do I prepare financially to sell my business?
You need to know what the business may be worth, how much you will need after the sale, and how to turn the sale proceeds into lasting wealth.
10. Do all of my financial decisions actually work together?
Your business, taxes, investments, retirement, insurance, and personal goals should all point toward the same desired financial outcome. We work with our clients to clarify their statement of financial purpose, this provides a filter for decision making.